Union Minister for Information & Broadcasting and Youth Affairs & Sports Anurag Singh Thakur said that India will increase the incentive for foreign film production in the country to 40 % of the expenses incurred with an increased cap limit of Rs.30 crore (exceeding 3.5 million US Dollars). Earlier, the per project cap for the incentives only Rs 2.5 Crore. An additional 5% percent bonus for Significant Indian Content (SIC), in his inaugural address at the 54th International Film Festival of India at Panaji, Goa today.
Shri Thakur said that there was a need for a higher incentive to attract medium and big budget international projects to the country considering India’s size and vast potential. “ This paradigm shift in incentivizing film production serves as a testament to India’s commitment and support for artistic expression and reinforces our position as a preferred destination for cinematic endeavors”, he added.
Further, in a glorious tribute to the legendary actress Madhuri Dixit, the 54th International Film Festival of India honoured her with ‘Special Recognition for Contribution to Bharatiya Cinema’ Award.
